My take on $NVDA. Why I'm shorting
After bouncing and testing the monthly coral and being bullish on NVDA for the past couple of months, I think it's time for it to cool off and comeback to earth a little bit.
We ran from the monthly coral all the way to the quarterly upper band without really missing a beat for a 112% run. There is a level of strong fib confluence and old resistance at the quarterly upper band around $230-$232. I started shorting at $222, and have another short order in at $232, and my stop is around $256.
I expect NVDA to fall back to $185-$175 for a 15%-20% gain which brings us right back to the backside of the weekly down trend and the daily uptrend. Ill reevaluate from there.
We ran from the monthly coral all the way to the quarterly upper band without really missing a beat for a 112% run. There is a level of strong fib confluence and old resistance at the quarterly upper band around $230-$232. I started shorting at $222, and have another short order in at $232, and my stop is around $256.
I expect NVDA to fall back to $185-$175 for a 15%-20% gain which brings us right back to the backside of the weekly down trend and the daily uptrend. Ill reevaluate from there.
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